BUSINESS

What Early-Stage Entrepreneurs Of Today Need To Succeed

 

Starting your own business was never as easy as it has become today. Earlier, starting your own business meant you needed your own resources, and this constraint prevented many people from even dreaming of setting up a startup. But, today, with the growth of various support systems that help entrepreneurs to materialise their ideas, starting a business venture has become much easier—even in Nepal.

That said, turning your venture into a successful one is becoming more and more challenging by the day. Curiously, this problem is also a product of the new business environment, which is exceedingly conducive to creating a startup.  Because creative individuals can now get the help they need to get started, more entrepreneurs keep entering the market, with the aim to disrupt the existing industries at different levels. Thus, if you are a startup entrepreneur, you are in for a lot of competition.

But competition has always been part of the game. And if you can stay ahead of it, you can turn to the entities (the government, corporations, investors, resource providers, and value-chain partners) who are looking for people like you to work with. Here are the things you can bring to the table when such an opening presents itself.

The right set of skills

Most early-stage entrepreneurs take great pride in their business idea. That could be because that’s all you have to start out with. But great ideas need to be executed well, and that demands that you have the right skills. Thus, you should only jump into a venture that your skills can help  grow. When you have the proper know-how to operate your business, the right people will join you because they trust your capabilities. And your skill set will also help attract investors and other partners.

Market knowledge

Once you plan to start something and enter the market, you need to start keeping an eye on everything that’s happening around you. As an entrepreneur, you are the ninja of your business, and you need to stay updated with what’s happening in your industry. An in-depth knowledge of your market will not only help you understand your customers and competition, but will also help you forecast trends and innovate on time. Industries have now become so competitive that something new today becomes obsolete tomorrow.

Tenacity and hunger

Chinese billionaire and founder of Alibaba, Jack Ma, applied for 30 jobs when he was first looking for work. He was rejected by all of them, including KFC, where 24 people had applied, and they hired everyone but him. But instead of wallowing in misery, he thought about doing something on his own, and started alibaba.com, one of the most successful internet businesses today. His story shows that persistence is the key to success. Do not expect your venture to create favourable results from day one, because you will go through many ups and downs. When the going gets tough, remain tenacious and continue strengthening yourself, along with your business. You need to keep wanting to learn more, do more and deliver better results.

Ethics and integrity

Your being ethical will have both immediate and long-term effects on your company. Your ethics play a huge role in determining whether you will succeed or fail. When you are working on novel, untested projects, you may have to make decisions under conditions where you are uncertain, where everything seems ambiguous and where you do not have all the information you need. But it’s especially under such trying conditions, that you need to stick to your ethics. What goes around comes around; dishonest practices are inherently unsustainable and will undermine your work. Your ethics and integrity also shape the culture of your organisation. Your team will imbibe your values, and perform as you do.

Openness to partnering

To successfully run a venture, you need talent, a variety of skills, resources and an enormous reserve of energy. But you also might want someone to help shoulder your load. When you start out, you might have limited resources, because of which you might have to compromise on many fronts, which could limit your growth. But if you are open to partners coming into your company, things can get easier for you. In today’s world, you need to think about having more stakeholders come on board, give up some equity in return, entertain ideas other than your own, and work with the additions as a team.

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